Northwest Bancshares ( (NWBI) ) has released its Q4 earnings. Here is a breakdown of the information Northwest Bancshares presented to its investors.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Northwest Bancshares, Inc., headquartered in Columbus, Ohio, operates as a bank holding company offering a full range of financial services through its subsidiary, Northwest Bank, across Pennsylvania, New York, Ohio, and Indiana. The company is noted for its focus on business and personal banking, employee benefits, and wealth management services.
In its latest earnings report for the fourth quarter of 2024, Northwest Bancshares, Inc. announced a net income of $33 million, or $0.26 per diluted share, reflecting a year-over-year increase. The company also declared its 121st consecutive quarterly dividend of $0.20 per share.
Key highlights from the earnings include a 9 basis point expansion in the net interest margin to 3.42% and an improvement in the efficiency ratio to 61.8%. Despite facing increased provisions for credit losses, the company achieved an adjusted net income of $35 million due to a rise in noninterest income. The company also announced an agreement to acquire Penns Woods Bancorp, Inc., expected to close in the third quarter of 2025, positioning Northwest as one of the nation’s top 100 largest banks.
Looking ahead, Northwest Bancshares, Inc. remains focused on strategic growth and transformation, with management expressing optimism about entering 2025 with strong momentum. The company aims to continue expanding into new markets while maintaining a commitment to delivering value to shareholders and providing customer-focused banking services.
